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ACC 290 Final Exam Guide
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JacksonCompanyrecordedthefollowingcashtransactionsforthe
year:
Paid$135,000forsalaries.
Paid$60,000topurchaseofficeequipment.
Paid$15,000forutilities.
Paid$6,000individends.
Collected$245,000fromcustomers.
ACC 290 Week 1 Discussion

Question1

Whatarethefourbasicfinancialstatements?Whatistheprimary
purposeofeachofthefourbasicfinancialstatements?Inyouropinion,
whichfinancialstatementisthemostimportant?Explainwhy.How
wouldthefinancialstatementsbeusefultomanagersandemployees?
Howwouldthefinancialstatementsbeusefultoinvestorsand
creditors?
ACC 290 Week 1 Discussion Question 2

Whataredebitsandcredits?Howaredebitsandcreditsusedtorecordbusiness
transactions?Whydoaccountantsdebitassetaccountstoincreasethembutcredit
liabilityaccountstoincreasethem?Whydoaccountantsdebitexpensestoincrease
thembutcreditrevenuestoincreasethem?
ACC 290 Week 1 Practice Quiz

Question 1
Currentassetsareexpectedtobeconvertedtocashorconsumedwithinthe
nextyearorthenormaloperatingcycle,whicheverislonger.
ACC 290 Week 1 Vocabulary Activity

Wiley PLUS Assignment:Week1VocabularyActivity

Resource:WileyPLUS
CompletethefollowingWeek1AssignmentinWileyPLUS:
Chapter1WileyPLUSCrosswordPuzzle1
ACC 290 Week 1 Wiley Plus Assignment

DI1-3, E1-3,E1-4, E2-4, IFRS2-4

Wiley PLUS Assignment: Week1Assignment

Resource:WileyPLUS
CompletethefollowingWeek1AssignmentinWileyPLUS:
DOIT!1-3
Exercise1-3
Exercise1-4
ExerciseExcelE2-4
IFRS2-4

Whatistherevenuerecognitionprinciple?Whatistheexpenserecognitionprinciple?
Whyaretheyimportanttofinancialreporting?
Whatareadjustingentriesandwhyaretheynecessary?
Whatareaccruals?Provideexamplesofaccruals.Whydoaccrualsrequireadjusting
entries?

Whataccountsaresubjecttoadjustingjournalentriesandwhy?
Howwouldyouexplainthepurposeoftheadjustedtrialbalance?
ACC 290 Week 2 LT Reflection Summary

DiscusstheobjectivesforACC290WeekTwo.
Whatdoyouthinkwillbethemostimportantoftheskillslearnedwhenyouareinan
accountingposition?
Differentiatebetweenaccrualbasisandcashbasisofaccounting.
CreateAdjustingEntries.

Question 1
Expensesdecreaseretainedearnings.
Question 2
During2014,GibsonCompanyassetsdecreased$50,000anditsliabilities
decreased$90,000.Itsstockholdersequity
Question 3


Resource:WileyPLUS
Complete the following Week 2 Assignment in Wiley PLUS:
Chapter2WileyPLUSCrosswordPuzzle1

BYP2-2, IFRS2-6, E3-4, E3-8, BYP 3-2,
IFRS 3-2, P3-5, P3-6

Wiley PLUS Assignment:Week2Assignment
Resource: WileyPLUS
BYP2-2
ACC 290 Week 3 4 Learning Team

Financial Reporting Problem , Part 1 (2
Different Papers)

Financial Reporting Problem Part I
BrowsetheInternettoacquireacopyofthemostrecentannualreportforapublicly
tradedcompany.Analyzetheinformationcontainedinthecompanysbalancesheet
andincomestatementtoanswerthefollowingquestions:
ACC 290 Week 3 Discussion Questions 1

Whatarethestepsincompletingtheaccountingcycle?Howdothedifferentsteps
affectthefinancialstatements?Whatistheeffectonthefinancialstatementsof
missingastepwhencompletingtheaccountingcycle?Whatarethefourclosing
journalentries?Whyaretheynecessary?Whatarereversingentries?Whyarethey
used?Whataretheprosandconsofusingreversingentries?Whyarereversing
entriesoptional?
ACC 290 Week 3 Discussion Questions 2

Whataretheprosandconsofusingreversingentries?Whyarereversingentries
optional?Whatisthemainpurposeofafinancialstatementworksheetandits
benefits?Howhasautomationaidedthepreparation,accuracy,anduseofthe
financialstatementworksheet?

Question 1
Therevenuerecognitionprincipledictatesthatrevenueisrecognizedintheperiodin
whichthecashisreceived.
Question 2
Thegenerallyacceptedaccountingprinciplewhichdictatesthatrevenuebe
recognizedintheaccountingperiodinwhichtheperformanceobligationissatisfiedis
the

Wiley PLUS Assignment:Week3PracticeQuiz

Resource: WileyPLUS
Chapter4PracticeQuiz

BE4-1, P4-2A, P4-3A, BYP4

Wiley PLUS Assignment: Week3Assignment
Resource:WileyPLUS
BriefExercise4-1
Problem4-2A
ACC 290 Week 4 5 Individual Assignment

Financial Reporting Problem Part II (2
Different Papers)

Financial Reporting Problem Part II
Accesstheinternettoacquireacopyofthemostrecentannualreportforthepublic
tradedcompanyusedtocompletetheFinancialReportingProblem,Part1
assignmentdueinACC290WeekFour.Analyzetheinformationcontainedinthe
companysbalancesheetandincomestatementtoanswerthefollowingquestions:
Aretheassetsincludedunderthecompanyscurrentassetslistedintheproper
order?Explainyouranswer.

Howwouldyoucalculatecostofgoodssold?Whatitemsmakeupcostofgoods
sold?Howdoesbeginningandendinginventoryaffectcostofgoodssold?Whatare
thejournalentriesamerchandisingorganizationwouldusetorecordthepurchase
andsubsequentsaleofmerchandise?Howwouldthesetransactionsdifferwitha
periodicversusaperpetualinventorysystem?Whyareperpetualinventorysystems
somuchmorepopulartodaythanbackintheearly1960sandearlier?Whywoulda
companyemployingaperpetualinventorysystemstilltakeaphysicalinventory
periodically?

Whatarethethreedifferentinventorycostflowassumptionscommonlyusedin
commercetodayandallowedbygenerallyacceptedaccountingprinciples?Howdoes
acompanydeterminewhatcostflowassumptiontheyshoulduse?

Question 1
Aservicecompany'soperatingcycleisordinarilyshorterthanthatofa
merchandisingcompany.
Theoperatingcycleofamerchandisingcompanyisordinarilyshorterthanthatofa
servicecompany.


Resource:WileyPLUS
Chapter5CrosswordPuzzle1
ACC 290 Week 4 Wiley plus Assignment

P4-8A, BYP5-1, BYP5-2, BE5-1, BE5-2,
IFRS5-2, IFRS5-4, Do it 5-3, 5-4


Resource:WileyPLUS
Problem4-8A
BYP5-1
BYP5-2
Question2

Whatisthecontrolenvironment?Howdoesthecontrolenvironmentaffecta
companysinternalcontrols?Whatarethenegativeandpositiveelementsofacontrol
environment?Whataretwoexamplesofstrongandweakinternalcontrols
ACC 290 Week 5 IFRS Paper

IFRS 2-1:Inwhatwaysdoestheformatofastatementoffinancialofpositionunder
IFRSoftendifferfromabalancesheetpresentedunderGAAP?
ACC 290 Week 5 Learning Team

Reflection Summary

Reflection and Financial Reporting Problem Part II.
DiscusstheobjectivesforACC290WeekFour.Inthewakeofaccountingscandals
overthepastseveralyears,howhastheSarbanes-OxleyAct(SOX)of2002affected
thepracticeofaccounting?WhatistheroleofinternalcontrolsincomplyingwithSOX
(2002)?Writea350to500wordsummaryofyourLearningTeamsdiscussion

BE6-5, BE6-7, BYP6-1, BYP6-2, BE7-4,
BE7-6, BE5-1, BE5-2, BE7-5, E4-17, E418

Resource:WileyPLUS

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ACC 290 Final Exam Guide

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ACC 290 Week 1 Discussion

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ACC 290 Week 1 Discussion Question 2

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ACC 290 Week 1 Practice Quiz

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ACC 290 Week 1 Vocabulary Activity

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Wiley PLUS Assignment:Week1VocabularyActivity

ACC 290 Week 1 Wiley Plus Assignment

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Wiley PLUS Assignment: Week1Assignment

ACC 290 Week 2 Discussion Question 1

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ACC 290 Week 2 Discussion Question 2

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ACC 290 Week 2 LT Reflection Summary

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ACC 290 Week 2 Practice Quiz

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ACC 290 Week 2 Vocabulary Activity

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Wiley PLUS Assignment:Week2VocabularyActivity

ACC 290 Week 2 Wiley Plus Assignment

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Complete the following Week 2 Assignment in Wiley PLUS:

ACC 290 Week 3 4 Learning Team

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Financial Reporting Problem Part I

ACC 290 Week 3 Discussion Questions 1

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ACC 290 Week 3 Discussion Questions 2

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ACC 290 Week 3 Practice Quiz

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ACC 290 Week 3 Vocabulary Activity

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Wiley PLUS Assignment:Week3PracticeQuiz

ACC 290 Week 3 Wiley Plus Assignment

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Wiley PLUS Assignment: Week3Assignment

Complete the following Week 3 Assignment in Wiley PLUS:

ACC 290 Week 4 5 Individual Assignment

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Financial Reporting Problem Part II

ACC 290 Week 4 Discussion Question 1

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ACC 290 Week 4 Discussion Question 2

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ACC 290 Week 4 Practice Quiz

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ACC 290 Week 4 Vocabulary Activity

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Wiley PLUS Assignment:Week4VocabularyActivity

ACC 290 Week 4 Wiley plus Assignment

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Wiley PLUS Assignment:Week4Assignment

ACC 290 Week 5 Discussion Question 1

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ACC 290 Week 5 IFRS Paper

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ACC 290 Week 5 Learning Team